Exploration

Multiple Prospects and Play Types Offshore Guyana

The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres (26,800 square kilometers). The block is equivalent in size to 1,150 Gulf of Mexico blocks and contains multiple prospects and play types representing additional multibillion barrel unrisked exploration potential. Esso E&P Guyana Ltd is the operator and has a 45 percent working interest, while Hess Guyana Exploration Ltd has 30 percent interest and CNOOC Petroleum Guyana Limited has 25 percent interest.

Gross discovered recoverable resources for the Stabroek Block, including 15 discoveries through yearend 2019 are currently estimated at more than 8 billion barrels of oil equivalent with multi-billion barrels of additional exploration potential on the block. A 16th discovery on the block at Uaru in January 2020 will be incremental to this resources estimate.

The Liza Phase 1 development delivered first production in December 2019. Liza Phase 1 will produce up to 120,000 gross barrels of oil per day at peak rates utilizing the Liza Destiny floating production, storage and offloading (FPSO) vessel.

The second phase of the Liza development, sanctioned in May 2019, will utilize a second FPSO with gross production capacity of approximately 220,000 barrels of oil per day, with start-up expected by mid 2022. Planning is underway for a third phase of development at the Payara Field.

In April 2018, Hess acquired a 15 percent interest in the Kaieteur Block, located approximately 155 miles (250 kilometers) offshore and adjacent to the Stabroek Block. The Kaieteur Block covers 3.3 million acres (13,535 square kilometers).

Pursuing Play Extension in Suriname

In 2016, Hess Suriname Exploration Limited, a wholly-owned subsidiary of Hess Corporation, acquired a one-third non-operated interest in the Block 42 contract area, which is located offshore Suriname along the northeast margin of South America. Kosmos Energy Suriname is the operator and has one-third working interest, while Hess Suriname Exploration Ltd. and Chevron Suriname Exploration each have one-third interest.

Deepwater Block 59, which is to the north and contiguous to Block 42, was awarded to Hess Suriname Exploration Limited and co-venture partners ExxonMobil Exploration and Production Suriname B.V. and Equinor Suriname B59 B.V. in 2017. Each have a one-third interest and ExxonMobil Exploration and Production Suriname B.V. is the operator.